The real estate market is always changing.
It can be hard to predict, but one thing is for sure, certain locations retain value better than others. Recent market analyses indicate that buyers are looking for walkable areas and waterfront properties to invest in. Many areas in Northern Michigan have the best of both worlds – a reason the market here is booming.
A key element that makes Northern Michigan a strong real estate investment is its permanent value. According to My North, waterfront areas are considered to have high valuation because the inventory is low. Proof of this can be found from local real estate team, Harbor Sotheby International Realty. They’ve reported low inventories for waterfront properties, meaning potential buyers need to act fast. The team also reported 2017 sales in Bay Harbor are up from 2016. Total property sales in Bay Harbor increased more than 16% from the last quarter in 2017. Interestingly enough, many of these buyers have been from new owners outside of Michigan, showing the value the entire nation is seeing in the area.
Realtors have also recently predicted that small towns are going to be ‘in’ for a variety of people. According to a study done by the National Association of Realtors, roughly 60% of individuals prefer a neighborhood that has both homes and stores and restaurants. It makes sense – The Brookings Institute performed a study on walkability in urban environments, and noted that residential areas in walkable districts held higher property values – up to $80 more per square foot in some places! Many people are looking to have a small community with a variety of interesting things to do close by.
Looking for more information on local real estate? Conveniently located in the heart of The Village at Bay Harbor, Harbor Sotheby’s International Realty features on-site local experts who understand the unique attributes of the luxury Northern Michigan market. Endorsed as one of the Bay Harbor community’s preferred real estate brokers, Harbor Sotheby’s is a member of the world-renowned Sotheby’s International Realty network, known for representing luxury homes and properties of distinction throughout the world. Request a complimentary Explore Bay Harbor magazine for information on local listings and featured neighborhoods in the area.
Visitors who come to Bay Harbor never want to leave. Located along five miles of Lake Michigan shoreline, Bay Harbor is a coastal resort community that offers a great place to stay for a day, a week or a lifetime. No matter how long, you’ll wish it could be longer. Start planning your summer adventure today by requesting a complimentary copy of Explore Bay Harbor magazine. Through its pages, you’ll find information on the area, local events and tips for planning your trip.